Bitfury Evaluates Its Option of Raising Funds through an IPO

Bitfury management is keenly screening various options of raising funds including an initial public offering.

Although Bitfury has not made the final decision, the firm was looking to float its shares in Hong Kong, London or Amsterdam as soon as possible, come 2019. If Bitfury IPO goes live come 2019, it would be the largest listing in the cryptocurrency industry and the first one in Europe.

Even though Bifury is considering going the IPO way the uncertainty that surrounds the cryptocurrency industry has led to some investment banks to advise their clients against taking the IPO road. Many are citing the nonexistence of a uniform legal framework and the uncertain future as the main reasons. Although all this information is out in the open, Bitfury has employed the services of global investment banks for advice. Their task is to explore Bitfury options when it comes to trading in the three countries. Besides trading the technology firm is also considering selling minority stakes or raising debt financing.

Bitfury Value in the Next Two Years

According to sources from Bloomberg’s report, if Bitfury holds its decision on the IPO and goes live in the next two years, its value will be between $3 and $5 billion. These figures are just estimations and can change depending on the industry and market changes.

Apart from Bitfury weighing its option on an IPO, Bitmain Technologies Ltd has already gone live with its IPO on Hong Kong Stock Exchange. The Beijing based mining firm launched its IPO last month, and it’s expected to raise 3 billion.

Besides the above, Bitfury has released some new mining hardware last month and early this month. This month Bitfury released an enterprise-grade bitcoin miner while in September they launched their Clarke application integrated with a circuit (ASICs) chip for mining. The new mining hardware is up and running in Bitfury mining farms. The technology firm also runs some mining farms under its conglomerate Hut 8 Mining Corp. The farms are in the Republic of Georgia, Iceland, Norway and lastly Canada.

As Bitfury screens its options of raising funds on the global scene, several firms have raised over $186 billion through IPOs. According to Bloomberg data, this year European firms that went live on IPOs have gained on average of about 2.9 percent while their counterparts in North America gained 9.1 percent. Although this information is on the public domain, Bitfury has not released any information concerning the IPO officially.